Questions to Answer If You Want to Be An Entrepreneur
Twenty questions to answer honestly before you start — on personal readiness, market viability, money and the legal side.
The lightbulb went off and you’d like to make your business idea into a reality. You’re ready to do what it takes but aren’t sure what it takes — what needs to be considered to understand how to make this idea into a viable, long lasting success. Not only this, but to gauge if you’re truly ready for the challenge and risk involved.
So, get out a notebook or open your writing software, copy and paste these questions, and answer them honestly.
Your answers will help you know where your starting point is with becoming an entrepreneur and, if any are left blank, will give you prompts to research.
Personal Readiness
- Why do I want to start this business?
- Why is it important that my idea becomes a reality?
- Who will benefit from my idea?
- Can I put in the time and energy needed for a large, long-term project and financial commitment like building a business?
- Am I okay with taking calculated risks?
- Am I okay with possibly having irregular income?
- Am I prepared for, and can I accept, the possibility of failing?
- Am I able to shoulder most of the work until I’m able to hire employees?
Market Viability
- Who are my target customers?
- What is the problem they have that I am trying to solve?
- Why is it important that this problem is solved?
- How does my business idea solve this problem?
- Why should someone patronize my business instead of finding an alternative?
- Is there a demand for a solution to this problem?
Financial Prep
- How much capital do I need to launch?
- How much will I need to make to reach profitability?
- How am I going to secure funding?
- How am I going to track expenses and revenue?
Legalities
- What kind of legal documentation will I need for my business?
- What kind of permits and licenses will I need to secure?
Go In Knowing What You Are Up Against
Everyone should be armed with knowledge when going into entrepreneurship, so they can know what they’re up against and how to best proceed. We hope that this has given you a good start to developing your business idea and what it could take.
If you would like personalized guidance and advice from successful business owners to answer these questions and get you started on building, join the waitlist for the SideKix app, where you’ll get access to our Advisor Network.
Frequently asked questions
What questions should I ask before starting a business?
The article works through the ones that tend to surface later at higher cost if skipped early: what you are actually selling, who for, and what you personally want from it.
How do I know if entrepreneurship is right for me?
The questions are framed to surface your own answers rather than deliver a verdict, since the fit depends on what you want from your working life.
What if I cannot answer all the questions yet?
Gaps in the answers are information about where to look next rather than a reason to stop.
Is there free help available to work through these questions?
Yes. SCORE mentors and Small Business Development Centers offer free one-to-one advising, listed on the free help page.
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